The Inflation Reduction Act established a corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations. The CAMT generally applies to large corporations with average annual AFSI exceeding $1 billion. Newly proposed regulations from the IRS provide definitions and general rules for determining and […]
Read More IRS waives penalties related to CAMTThe residential real estate market is surging in many areas. If you’re considering selling your principal home, keep in mind that you might owe taxes on the profit, especially if you’ve lived there a while. Here are two ways you may be able to reduce your taxable gain: 1) List the eligible costs when you […]
Read More Selling your residence?Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. Therefore, you need to evaluate the tax accounting method for your business to ensure […]
Read More Cash or accrual accounting: What’s best for tax purposes?Let’s say you receive an IRS collection notice. What should you do? Don’t panic, but don’t ignore the letter. The National Taxpayer Advocate warns that ignoring the notice can make the situation worse and more expensive. First, confirm the accuracy of the notice using an online account at https://bit.ly/4en0t8W. This will allow you to see […]
Read More Recieve a notice from the IRS?A warning for newly retired military members: If you have military retirement pay and take a civilian job, you may be pushed into a higher federal tax bracket, particularly if your spouse also works. To help prevent a big tax bill, complete Form W-4P before you retire to designate how much should be withheld from […]
Read More Newly retired military members encouraged to check their withholdingBookkeeping fundamentals are essential to accurate financial reporting. Using software solutions — such as QuickBooks®, NetSuite® or Xero™ — can simplify double-entry accounting. However, knowing how the process works can provide reassurance that your business is properly tracking its financial transactions. Debit and credits Assets are items of value that your business owns, such as […]
Read More Understanding the ABCs of credits and debitsEncouraging some employees to participate in work-based tax-advantaged retirement savings plans can be challenging. That’s why the SECURE 2.0 Act enabled employers to offer de minimis financial incentives (such as gift cards that don’t exceed $250) to workers who contribute to 401(k) or 403(b) plans. The IRS is reminding employers that incentives can’t be paid […]
Read More Incentives for Pension ParticipationIncorrect ERC? IRS Points to Five New Red Flags – Kiplinger’s Personal Finance https://bit.ly/3MIDuJZ
Read More IRS identifies Five ERTC claim red flagsThe scoop on employer-sponsored health insurance
Read More The scoop on employer-sponsored health insuranceIRS: This ‘rule of thumb’ shows who needs to make a third-quarter estimated tax payment by Monday – CNBC https://bit.ly/3AXa6Nd
Read More Do you need to make an estimated tax payment?
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